News

Bloomberg Ports operating in the US’s biggest gateway for trade with Asia will extend night hours and work weekends to clear port delays amid record volumes. The port of Los Angeles will expand weekend operating gate hours while neighbouring Long Beach will extend the hours during which trucks can pick up and return containers, they said in a joint statement. ...

Bloomberg Italy’s government will spend around 3.5 billion euros ($4.1 billion) to protect consumers from a surge in energy prices that’s hit countries across Europe, according to people familiar with the matter. The disbursement could be approved as soon as next week, the people said, asking not to be named discussing confidential plans. Prime Minister Mario Draghi’s administration is also ...

Bloomberg Used car prices, one of the biggest drivers of US inflation this year, rise again in early September on a monthly basis after idling over the summer. The Manheim US Used Vehicle Value Index, a measure of pricing trends, increased 3.6% in the first half of September compared with a month earlier. That puts it on track for the ...

Bloomberg Hungary plans to offer a range of dollar and euro bonds to shore up its budget as it’s facing a potential delay in accessing European Union funds because of a feud with the bloc over democratic values. The country may sell 10-year and 30-year bonds in dollars, as well as seven-year and/or 20-year bonds in euros. Hungary’s debt management ...

Bloomberg UK inflation surged more than expected to the strongest pace in more than nine years, prompting investors to anticipate a sharper increase in interest rates in 2022. Consumer prices jumped 3.2% in August from a year ago, the most since March 2012, Office for National Statistics said. The reading was up from 2% in July and above the highest ...

Bloomberg Oil declined amid Russia’s plans to boost upcoming overseas oil sales and as the dollar rallied. Futures in New York ended the session nearly 1% lower. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency. “There’s been demand destruction ...

Dubai / WAM A report by the Business Registration and Licensing sector of Dubai Economy revealed that 5,885 new licenses were issued during August 2021, a growth of 54% compared to the same period in 2020, when 3,829 licenses were issued. The figures reflect the ease of doing business in emirate, and measures taken to ensure business continuity and further ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a cable of condolences to President Abdelmadjid Tebboune of Algeria, on the death of the country’s former President Abdelaziz Bouteflika. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and HH Sheikh Mohamed bin Zayed ...

ABU DHABI / WAM Majid Al Futtaim the leading shopping malls, communities, retail and leisure pioneer across the Middle East, Africa and Asia has announced the expansion of its people development programme that is set to create thousands of career opportunities for Emirati talent across multiple industries in the UAE and beyond in response the UAE government’s federal Nafis programme. ...

Bloomberg China applied to join an Asia-Pacific trade pact once pushed by the US as a way to isolate Beijing and solidify American dominance in the region. The country submitted a formal application letter to join the deal, known officially as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, according to a statement in Beijing. The treaty was originally envisioned ...